The most awesomest tag team ever. They wrestle in the WWF.
The tag team is composed of Billy ("The One" Billy Gunn, "Mr. Ass" Billy Gunn, "The Badass" Billy Gunn, "Rockabilly" etc.) and Chuck Palumbo. Billy Gun has been a long time mid-carder in the WWF, with a good physique, but had been saddled with a long list of 'personas' that never got over with the crowd as a singles wrestler. Chuck Palumbo had a solid career with the WCW. Both had the physiques to be successful wrestlers but lacked the personality to be successful singles wrestlers.
Billy Gunn has had a successful tag team career, being a part of the Smoking Gunns (with 'brother' Bart Gunn) and The New Age Outlaws (with Road Dogg), among others. Likewise, Chuck Palumbo has had successes in the tag team "the Perfect Event" (with Shawn Stasiak). So when both wrestler's careers and in-ring personas were stagnating in the post "Invasion" story line (late 2001, early 2002), they were paired up to form "Billy and Chuck". At first, a non-descript tag team pairing, the concept took off when they started wearing matching, small, red trunks, and got each other red headbands with each other's names on them for Christmas. The finishing touch came when Chuck Palumbo bleached his hair to match Billy Gunn. (Though it is a little too much now, with Chuck having a girly twin-pony tail hairdo.)
They've already been in one of the most hilarious 'matches' in recent history - a pose off with WWF Divas Torrie Wilson and Stacy Kiebler (?). The premise was that Chuck and Billy were upset that the Divas had their own WWF calendars, and that they could sell more calendars with their bodies on them. So they had a pose-off, where they each in turn recreated 3 sexy poses in ring. Watching Billy and Chuck do these things brought tears to my eyes - in laughter. It was clear that the other participants were also close to losing it.
Billy and Chuck continues the fine tradition of gay, or ambiguously gay (dubbed so by Tazz - 2/17/2002) tag teams, which have included Too Much and Lenny and Lodi - while adding a certain "stupid-coolness" that was perfected by Edge and Christian.
Though blatantly homophobic, there's something ironic about big, muscular wrestlers making fun of big, muscular, ambiguously gay tag teams, when the only thing different about them is the color of their trunks.
2/21/02 - Current WWF Tag Team Champions, defeating Spike Dudley and Tazz, after Billy countering Spike's Dudley Dog maneuver by tossing him into Chuck's boot, followed by Billy's Fameasser.
update
Billy and Chuck are still the tag champs. Chuck has now cut off his long hair, so looks even more like Billy. They have ratcheted up their faux-gay antics, with each match having at least one occasion in which Chuck's face ends up in Billy's crotch...
They also now have Rico, their manager/stylist. Rico looks almost as big as Billy and Chuck, and he has huge, huge mutton-chop sideburns. He interferes with matches constantly.
Eventually, the gimmick ran its course. It came down to a big, in-ring gay wedding ceremony. Chuck and Billy eventually confessed to not being really gay, and that it was just a big publicity stunt. Then it turned out that the old man in the ring that was going to perform the wedding ceremony was none other than Eric Bischoff in disguise. He of course brought in Three Minute Warning, and Rosey and Jamal wreaked havoc on the now-non-gay-wedding ceremony...
The crowd reaction was quite positive and strong when Billy said he wasn't really gay, as if anyone should really care anyways. Why would the average wrestling fan, young males, care whether Billy was gay or not?
An interesting aspect of this whole story line was that a gay and lesbian support organization was supportive of the story line for the positive portrayal of gay men - they even gave Billy and Chuck a nice wedding gift on one of the morning talk shows. What was odd was that the above described events of the broken up wedding was a pre-recorded event, meaning that the wedding gift was given a day after the live show where the wedding was called off... I guess that means that the gay and lesbian support organizations aren't tuned into the on-line professional wrestling news websites - which isn't all that surprising, I guess...
thanks to bol, Davidian, CloudStrife, and FastEddie for corrections/additions